PUNE, India, July 7, 2017 /PRNewswire/ --
The report "Vibration Monitoring Market by Component (Hardware, Software, and Services), System Type (Embedded Systems, Vibration Analyzers, and Vibration Meters), Monitoring Process (Online and Portable), Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the vibration monitoring market is expected to grow from USD 1.19 Billion in 2016 and to reach USD 1.85 Billion by 2023, at a CAGR of 6.5% during the forecast period.
Browse 66 Market Data Tables and 68 Figures spread through 199 Pages and in-depth TOC on "Vibration Monitoring Market "
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The growth of this market can be attributed to the growing awareness toward predictive maintenance. Benefits provided by predictive maintenance (PdM) program are gaining rapid popularity in the manufacturing sector globally. On the back of these benefits, the techniques are being implemented on a large scale, especially in the capital-intensive industries such as automotive, and oil and gas.
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"Hardware held largest share of vibration monitoring market in 2016"
The vibration monitoring market based on offerings is led by the hardware segment in terms of size. The high demand for hardware components such as accelerometers, proximity probes, velocity sensors, transmitters, and other components is one of the major factors that have led to its dominant position in the said market. They are the main sources which collect the data related to vibration levels in machinery well in advance. The data gathered by the hardware components enables effective predictive maintenance program to avoid costly downtimes.
"Online vibration monitoring market likely to grow at higher CAGR during forecast period"
On the basis of monitoring, the vibration monitoring market for online vibration monitoring is expected to witness the highest growth rate during the forecast period. Online vibration monitoring is widely used process is widely used for critical plants that work continuously and are highly prone to defects. Online vibration monitoring systems have applications in the industries where 24 hour production is maintained, such as oil and gas, energy and power, mining and metal and others industries
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"North America expected to hold largest size of vibration monitoring market by 2023"
North America held the largest size of the vibration monitoring market in 2016, followed by Europe and APAC. The growing adoption of smart manufacturing or Industry 4.0 in various industries creates a huge demand for vibration monitoring in the region. Besides, the factors such as growing focus on optimum asset utilization; stringent government regulations for the workplace and personal safety; and tight quality control in the oil and gas, chemicals, and food and beverages industries are driving the demand for vibration monitoring systems in North America. The region also witnesses a presence of established manufacturing companies in the US and Canada.
The major players operating in this market include SKF AB (Sweden), Emerson Electric Co. (US), General Electric (US), Meggitt PLC (UK), National Instruments Corp. US), Rockwell Automation, Inc. (US), Honeywell International Inc. (US), Schaeffler Technologies AG & Co. KG (Germany), Bruel & Kiaer Sound & Vibration Measurement A/S (Denmark), and Analog Devices Inc.(US).
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